Financial performance and corporate risk disclosure: the moderating impact of board structure Online publication date: Thu, 08-Dec-2022
by Ridhima Saggar; Nischay Arora; Balwinder Singh
Global Business and Economics Review (GBER), Vol. 28, No. 1, 2023
Abstract: The study aims to unravel the moderating impact of board attributes, i.e., board size, board independence and gender diversity on the relationship between firms' financial performance and corporate risk disclosure in the annual reports of Indian listed non-financial firms. For achieving the objective, the study deploys hierarchical moderated regression on a sample of S&P BSE-100 index pertaining to financial year 2018-2019. In addition, automated content analysis has been employed to operationalise the dependent variable, i.e., risk disclosure. The main findings unveil that board size and board independence positively moderate the relationship between firm performance and risk disclosure; suggesting that larger the board size and higher the proportion of independent directors; higher the performance impacts risk disclosure. Contrarily, proportion of women directors negatively moderates the relationship between firm performance and risk disclosure emphasising on the importance of women directors in disclosing risk in low profitable firms.
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